Income Tax Return
Mohd Khalid (493 Points)
17 August 2020
Friends can I file ITR-1 having turnover of Rs 3 crore without auditing Balance Sheet?..
13 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 17 August 2020
If person have any income which is chargeable under head "Profit and Gain from business and profession" than they can not file ITR 1.
you can use ITR 3 or ITR 4. but as your turnover is more than 2 crores, than You are also not eligible to file form ITR 4 also.
So, you have to file form ITR 3 to show your business income, with or without audit subject to certain criteria relating to applicability of tax audit.
you can use ITR 3 or ITR 4. but as your turnover is more than 2 crores, than You are also not eligible to file form ITR 4 also.
So, you have to file form ITR 3 to show your business income, with or without audit subject to certain criteria relating to applicability of tax audit.
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 18 August 2020
Comission from which business..?
Commision is also fall in the defination of business, except you'r receiving commision from your employer.
Commision is also fall in the defination of business, except you'r receiving commision from your employer.
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 18 August 2020
You are purchasing than selling vehicles to other person.
or directly, work like intermideary and receiving commision from Party..?
or directly, work like intermideary and receiving commision from Party..?
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 18 August 2020
Audit is compulsory in your case for FY 2019-20.
Mohd Khalid
(493 Points)
Replied 18 August 2020
Actually purchasing vehicle from party and transfer money to his account and then sell to another party and receive some part of money in cash and some part in bank account and do not have gst no so and did turnover around 3 crore so to avoid tax can we show income as commission and file ITR-1 without auditing Balance Sheet
jacinthamary
(accountant)
(874 Points)
Replied 18 August 2020
Who is Eligible to File ITR 1 for AY 2020-21?
ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :
Income from Salary/Pension
Income from One House Property (excluding cases where loss is brought forward from previous years)
Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.
ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :
Income from Salary/Pension
Income from One House Property (excluding cases where loss is brought forward from previous years)
Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.
Mohd Khalid
(493 Points)
Replied 19 August 2020
Income is not above 50 lacs but turnover is around 3 crore
jacinthamary
(accountant)
(874 Points)
Replied 20 August 2020
Once again read all the comments above once again
Mohd Khalid
(493 Points)
Replied 20 August 2020
I had read all but I just replied to @ Livetolearn1255
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
